Max, a self-employed taxpayer, did not have all the information he needed to timely file his 2021 tax return by April 18, 2022. Although he requested an automatic extension, he did not include a payment when he filed the extension. He then filed his return ten days later, on April 28, 2022, reporting a $1,150 balance due. Which, statement is correct regarding the failute-to-file and failure-to-pay penalties?

Max will not be subject to either the failure-to-file or the failure-to-pay penalties.

Max will only be subject to the failure-to-pay penalty; the failure-to-file penalty will not apply.

Max will only be subject to the failure-to-file penalty; the failure-to-pay penalty will not apply.

Max will be subject to both the failure-to-file and the failure-to-pay penalties.